As the UN Climate Conference in Baku enters its crucial second week, pressing discussions on climate financing take center stage. German Vice Chancellor Robert Habeck and Foreign Minister Annalena Baerbock are among key figures expected to influence the negotiations. While a draft text on financial pathways is on the table, significant questions remain unanswered.
The conference, slated to conclude by Friday but likely to extend, sees a call for $1.1 trillion annually in climate financing. However, the modest goal of $100 billion was only recently achieved. The presence of over 1,700 fossil fuel lobbyists adds a layer of complexity, as does Azerbaijan's own fossil fuel interests.
Germany has pledged €210 million to aid climate initiatives in poorer nations, part of a larger €1.2 billion package alongside contributions from the UK and Canada. This commitment is seen as an impetus for further global investments, despite Germany’s domestic financial challenges.
Habeck has urged affluent nations like China and the Gulf States to contribute more significantly, leveraging their substantial profits to support the global climate effort. The discussions underscore a broader push to expand the circle of donor countries, aiming to engage economically robust developing nations.
The conference also highlights the need for systemic reform, with voices like Mohamed Adow and Ban Ki-Moon advocating for change within the COP process. As the talks intensify, experts emphasize that financial commitments alone are insufficient, and a transformative approach is essential to address the climate crisis effectively.
